Sec. 207. Exclusion, waiver, and removal of designation

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The following activities shall not apply with respect to the requirement under subsection (a), (b), (c), or

(d)of section 104 to designate a person, foreign government, or financial institution for purposes of imposing a sanction or sanctions on the designated person: Activities subject to the reporting requirements of title V of the National Security Act of 1947 ( 50 U.S.C. 413 et seq. ), or to any authorized intelligence activities of the United States. Any transaction the exclusive purpose for which is to provide humanitarian assistance to the people of North Korea. Any transaction the exclusive purpose for which is to import food products into North Korea, if such food items are not defined as luxury goods. Any transaction necessary to maintain a diplomatic or consular relationship under the Agreement between the United Nations and the United States of America regarding the Headquarters of the United Nations, signed June 26, 1947, and entered into force November 21, 1947, or under the Vienna Convention on Consular Relations, signed April 24, 1963, and entered into force on March 19, 1967. Any transaction the exclusive purpose for which is to import fertilizers, pesticides, agricultural equipment, or medical supplies or equipment into North Korea, provided that such supplies or equipment are not controlled under— the Export Administration Act of 1979 (50 U.S.C. App. 2401 et seq.), as continued in effect under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); the Arms Export Control Act ( 22 U.S.C. 2751 et seq. ); part B of title VIII of the Nuclear Proliferation Prevention Act of 1994 (22 U.S.C. 6301 et seq.); or the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (22 U.S.C. 5601 et seq.). The President may waive, on a case-by-case basis, and for a period not to exceed one year, the requirement under subsection

(a)or

(b)of section 104 to designate a person, foreign government, or financial institution, or to impose a sanction or sanctions on the designated person, if the President submits to the appropriate congressional committees a written determination that the waiver meets the following requirements: The waiver is vital to the economic or national security interests of the United States. The waiver will advance the purposes set forth in section 4 of the North Korea Human Rights Act of 2004 ( 22 U.S.C. 7801 et seq. ). The waiver is for the benefit of a financial institution that— has blocked all North Korean property deposited in such financial institution, pending an audit of the origin of such property and the implementation of safeguards to ensure that the property is not used to facilitate any of the activities described in section 104(a); and is providing good-faith cooperation with the investigation of any of the activities described in section 104(a) or the enforcement of the provisions of this Act. The waiver is for the benefit of a person, foreign government, or financial institution that is providing good-faith cooperation with the investigation of any of the activities described in section 104(a) and the enforcement of this Act. The waiver is for the benefit of a person, foreign government, or financial institution that provides underwriting, financial, insurance, reinsurance, reflagging, transportation, or financial messaging services, and who has exercised due diligence in establishing and enforcing official policies, procedures, and controls to ensure that the person, foreign government, or financial institution (as the case may be) does not facilitate any of the activities described in section 104(a). In the absence of the waiver, the imposition of the sanction or sanctions would have a severe and adverse humanitarian impact on the people of North Korea and such impact substantially outweighs the interest of the United States in enforcing the provisions of this Act. The President may waive, on a case-by-case basis, and for a period not to exceed one year, the requirement under section 104(c) to designate the Government of North Korea, or to impose a sanction or sanctions on the Government of North Korea, if the President submits to the appropriate congressional committees a written determination that the waiver meets the requirements described in paragraph (1)(F). The President may prescribe rules and regulations for the removal of sanctions on a person, foreign government, or financial institution that is designated under subsection (a), (b), or

(d)of section 104 and the removal of designations of a person, foreign government, or financial institution with respect to such sanctions if the President determines that the designated person has verifiably ceased its participation in any of the activities described in section 104(a) and is cooperating with the investigation of such activities and carrying out this Act. The President may promulgate regulations, rules, and polices as may be necessary to facilitate the provision of financial services by a foreign financial institution that is not controlled by the Government of North Korea in support of the activities subject to exclusion under this section.

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Sec. 207

Exclusion, waiver, and removal of designation

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